Waaree Renewables Technologies Ltd Company Summary

Waaree Renewables Technologies Ltd Summary

Sangam Renewables Limited was originally incorporated on 22 June 1999. The Company got converted into a Public Company on November 18, 2011 and thereafter the name was changed from Sangam Renewables Limited to Waaree Renewable Technologies Limited vide fresh Certificate of Incorporation issued by the Registrar of Companies on July 19, 2021. Since the Company has solar generation site located in the State of Maharashtra, it operates in generation of power business through renewable energy resources and also in providing consultancy service.During year 2018, the Company commissioned 1.66 MW rooftop project, inked 10.7 MW roof-top projects to be executed over 6 to 9 months and signed PPA for 154 agri-feeder projects in Maharashtra.During FY 2019-20, the Company commissioned 1.64 MWp rooftop projects, signed PPAs for 18.60 MWp rooftop and ground mounted projects. A total of 42.2 MWp are under construction.During the year 2019-20, the Company allotted 10,800,000 equity shares of the face value of Rs.10/- each to Waaree Energies Limited, a Promoter Group Company and with this allotment, the Company became subsidiary of Waaree Energies Limited effective from April 08, 2019.During FY 2019-20, the Company acquired 10000 equity shares of face value of Rs. 10/- each of Waaree PV Technologies Pvt Ltd representing 100% of the paid up equity share capital of the Company and with this acquisition, Waaree PV Technologies Pvt Ltd became the wholly owned subsidiary of the Company with effect from April 08, 2019. During the year 2019-20, the Company acquired balance 2600 equity shares of face value of Rs 10/- each of Waasang Solar Private Limited representing 100% of the paid up equity share capital of the Company and with this acquisition, Waasang Solar Private Limited became the wholly owned subsidiary of the Company with effect from December 10, 2019. In 2020-21, the Company commissioned 3.85MWp rooftop projects and 12.5 MWp ground mountedprojectsThe Company divested its entire 51% shareholding held in Waacox Energy Private Limited and consequently with effect from July 05, 2021, Waacox Energy Private Limited ceased to be the material subsidiary company of the Company in 2021-22. The Company commissioned 25.41 MWp projects in 2021-22.The Company commissioned and executed 295 MW (approx) projects in 2022-23.